Perth

1.68ha site offers both income and substantial residential development potential

PERTH, 27 June, 2012 – One of the largest single beachside land holdings in Perth’s exclusive western suburbs region has been placed on the market.

An expression of interest campaign for the 1.68ha tract of land at Leighton Beach in North Fremantle was launched today by exclusive agents Jones Lang LaSalle.

The property, which is zoned industrial, is currently tenanted by Standard Wool, which co-occupies the site with furniture retailer Super A-mart. Together the tenancies generate an estimated net passing income of just over $1 million per year at an average rate of $69/sqm.

Jones Lang LaSalle Director, Sales and Investments WA, Phillip Fogliani, said the site currently comprised three titles bounded by Walter Place and Bracks and Irene Streets and incorporated a 540sqm two level office building along with a 13,000sqm warehouse, 1,325sqm workshop and small lunch bar.

“The potential and hence value of this site, in addition to its current income producing ability, is its location some 200m from the ocean, proximity to Fremantle and Perth CBDs combined with immediate access to rail and bus transport,” he said.

“Underlying these virtually unparalleled features is the surrounding 19ha of increasingly underutilised industrial land which together have the potential to become one of Perth’s most exclusive masterplanned medium to high density residential enclaves.

“There is a genuine feeling that all of the land owners are on the same page and that there is an intention to optimise the potential of the locality by pursuing a co-ordinated rezoning and/or structure plan submission.

“Other property owners in the precinct include the LandCorp-controlled WA Land Authority which owns and controls 4.7ha, and the Fremantle Port Authority which has a holding totalling about 3.6ha. Shell and Caltex are the two single biggest landholders with some 12.6ha or about 60 per cent of the total land area,” said Mr Fogliani.

The land offered for sale is immediately south of the Beachside Leighton high density residential development which previously formed the southern boundary of the Leighton Beach rail marshalling yards.

Jones Lang LaSalle Managing Director, John Williams said that an expert report detailed the process and prospects of the aggregated land receiving an ‘Urban’ zoning which would allow for densities in excess of R160 with a potential plot ration of 3.0:1.

Mr Williams said that the Beachside Leighton development, which comprised two apartment buildings containing 220 dwellings as well as restaurants, cafes and shops, represented a glimpse of the site’s overall development potential.

“This could become the most significant regeneration project in the metropolitan area. Its beachside location within the western suburbs means it would immediately match if not out-rate earlier iconic developments like East Perth and Subiaco,” he said.